Metro Pacific Investments Corporation (MPIC) entered a deal with Carmen’s Best Group, known for their gourmet ice cream, to acquire a majority stake in The Laguna Creamery Inc (TLCI). The acquisition will be made after Carmen’s Best Group consolidates its assets and business into TLCI.
According to a disclosure made on June 27, 2022, MPIC entered into an investment framework agreement with the Carmon’s Best Group, composed of Carmen’s Best Dairy Products Inc, Carmen’s Best International Dairy Company Inc, Real Fresh Dairy Farms Inc, The Laguna Creamery Inc, RMJ Development Corporation, and individual shareholders.
Under the agreement, MPIC will acquire 517,803 common shares, representing 51% of the outstanding shares of TLCI. The shares will be acquired for a total consideration of P198 million at P382.38 per share. Carmen’s Best Group will retain ownership for the remaining 49% equity interest.
Carmen’s Best Groups own and operate Real Fresh Dairy Farms, a 27-hectare property in Bay, Laguna founded by Francisco “Paco” Magsaysay, son of former senator Ramon Magsaysay Jr. The dairy farm produces pasteurized milk, yogurt, and cheese which are marketed under the Holly’s brand. The Magsaysay family in 2009 launched Carmen’s Best Dairy Products for their ice cream brand as a natural continuation of their product line.
MPIC has been diversifying their portfolio by investing in the agriculture sector. “The agricultural sector presents a wide range of possibilities that can help us achieve several goals: to strengthen the food supply chain and augment the accessibility of resources for all Filipinos, as well as provide more opportunities for growth in an otherwise underserved business,” said Manny Pangilinan, chairman, president, and chief executive officer of MPIC.
This acquisition also presents an opportunity to grow the dairy sector of the Philippines as the country imports 99% of its dairy requirements.
MPIC is a utilities and infrastructure investment company. It owns Maynilad Water Holding Company Inc and other subsidiaries with majority ownership in Light Rail Manila Corporation, NLEX Corporation, and Manila Electric Company.